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Vingroup has announced the establishment of VinMetal Joint Stock Company, officially entering the metallurgy industry. This move expands the conglomerate’s existing Industrial – Technology pillar. VinMetal aims to meet the internal demands of Vingroup’s ecosystem while contributing to the development of heavy industry in Vietnam.
With a chartered capital of VND 10 trillion, VinMetal plans to construct a high-tech industrial steel complex in Vung Ang, Ha Tinh, targeting an initial annual capacity of 5 million tons.
The company will focus on producing civil steel for construction, hot-rolled steel, high-strength steel, and specialty alloy steel for electric vehicles and high-speed transportation infrastructure.
Key products include high-quality sheet steel and stamped vehicle body parts, railway steel, and structural steel for bridges, ports, and railways, all meeting international standards. These products aim to replace imports and gradually penetrate regional export markets.
VinMetal’s establishment primarily addresses the material needs of Vingroup’s core sectors, such as Vinhomes real estate and VinFast electric vehicle production.
Additionally, Vingroup seeks to secure a stable supply of high-quality steel for proposed industrial, energy, and transportation projects, including the North-South high-speed railway, the Ho Chi Minh City – Can Gio route, and the Hanoi – Quang Ninh route.
In terms of capital, VinMetal’s VND 10 trillion investment is modest compared to Vietnam’s leading steel companies like Hoa Phat (VND 77 trillion) and Formosa Ha Tinh (VND 117 trillion), but surpasses Pomina (VND 2.8 trillion).
Among Vietnamese steel producers, Hoa Phat is VinMetal’s closest competitor in terms of product overlap.
Hoa Phat, the market leader in construction steel, is the only Vietnamese company, alongside the FDI firm Formosa Ha Tinh, capable of producing hot-rolled coil (HRC).
HPG is investing VND 14 trillion in a railway and structural steel mill in Dung Quat (Quang Ngai). Scheduled for completion in Q1 2027 after 20 months of construction, the mill will produce specialty railway steel for high-speed and urban railways, bridge steel, and high-quality structural steel (U, I, H, V).
Hoa Phat Chairman Tran Dinh Long stated that the project aims to optimize the group’s production chain and fulfill commitments to the government in supplying strategic steel products for national infrastructure projects, notably the North-South high-speed railway with an investment of approximately USD 67 billion.
VinMetal focuses on civil steel for construction, hot-rolled steel, high-strength steel, and specialty alloy steel for electric vehicles and high-speed transportation infrastructure.
While smaller in scale than Hoa Phat, VinMetal leverages its position within the Vingroup ecosystem, supplying steel for Vinhomes real estate projects and VinFast electric vehicle production.
VinMetal also competes with Hoa Phat in providing high-quality steel for transportation projects like the North-South high-speed railway, the Ho Chi Minh City – Can Gio route, and the Hanoi – Quang Ninh route.
Formosa Ha Tinh primarily produces hot-rolled coil and steel coil, while Pomina specializes in construction steel, including ribbed and coil steel.
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